Early Paper Money of America / Rhode Island / 1715 July 5

Early Paper Money of America (NNP Edition)|£40,000 (£30,000 and £10,000) in indented Bills of Credit authorized by the July 5, 1715 and Oct. 26, 1715 Acts for 5% 10 year mortgage loans and known as the First Bank. The loans were extended to 1728 and then amortized over 10 more years. Interest on the loans was to be used for repairing Fort Ann. The four lowest denominations were on one set of plates; the 5s and 10s on the middle set; and the four highest denominations on a third set. Engraved and printed by Samuel Vernon. The backs were not to be covered because they had distinctive engraved designs, the backs of the four highest denominations being printed in red. Because of counterfeits of this and the following issue all 40s and £5 bills were recalled by May 1, 1727 pursuant to the June 1726 Act. Signers were Job Almy, James Brown, Nathaniel Coddington, Benjamin Ellery, Robert Gardner, and John Wanton.